Skechers U.S.A., Inc. (NYSE:SKX) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in Skechers U.S.A., Inc. (NYSE:SKX) by 3.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 5,038 shares of the textile maker’s stock after selling 187 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Skechers U.S.A. were worth $314,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SKX. GAMMA Investing LLC purchased a new stake in Skechers U.S.A. in the fourth quarter valued at approximately $36,000. Tradition Wealth Management LLC acquired a new stake in shares of Skechers U.S.A. in the fourth quarter valued at $56,000. Planned Solutions Inc. acquired a new position in Skechers U.S.A. during the 4th quarter worth about $70,000. Meeder Asset Management Inc. purchased a new position in Skechers U.S.A. during the 4th quarter valued at about $77,000. Finally, Quadrant Capital Group LLC grew its position in Skechers U.S.A. by 29.0% in the 4th quarter. Quadrant Capital Group LLC now owns 2,683 shares of the textile maker’s stock valued at $167,000 after acquiring an additional 603 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $69.12 on Friday. The company has a market cap of $10.54 billion, a PE ratio of 18.19, a P/E/G ratio of 1.00 and a beta of 1.28. Skechers U.S.A., Inc. has a 1-year low of $45.58 and a 1-year high of $75.09. The stock has a fifty day moving average price of $68.94 and a 200 day moving average price of $63.60. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.56.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.08 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the sale, the general counsel now owns 35,000 shares in the company, valued at $2,430,750. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 24.75% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Evercore ISI decreased their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. Wells Fargo & Company began coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Skechers U.S.A. in a research report on Friday, May 17th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Skechers U.S.A. Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.